“The middle class is going away” is an often-used adage when talking about society. It is also a good way to describe today’s real estate market. When it comes to properties for sale, the middle class has gone away.There is a class of listings which are priced to the market, in great condition, with world-class marketing.Then, there are those that are overpriced, not in good condition, with sub-par marketing.Properties in the first class are selling quickly, sometimes with multiple offers and sometimes even over list price.Properties in the second class are sitting on the market.Sellers, who want a successful result, must be in the first class.Buyers, who want a bargain or who want to ‘wheel and deal,’ can typically only find those opportunities in the second class.Here’s the thing. Rising interest rates have caused buyers to be more picky. Yet, low inventory has caused competition for the best properties.Both sellers and buyers need to know there is no middle class when it comes to listings.
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